Why Does Your Bank Want You to Have an Ident Survey?

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If you're arranging a mortgage to buy a property to renovate, you'll have to jump through a fair few hoops with your bank. Before you get approval for a loan, your bank may insist that you have an ident survey done on the property. What are ident surveys, and why does your bank want you to get one?

What Are Ident Surveys?

Ident surveys are formal reports about the land your property stands on. You need to hire a qualified land surveyor for this. The surveyor checks that information on the property is correct and makes a formal assessment of the site and any problems that might be on or in it.

For example, your surveyor measures your site and its boundaries. They log any buildings, structures and fencing and assess whether there are any restrictions on what you can do with the land or property.

Surveyors also look for easements. These are things that are on your site but that are owned by a third party. These easements can be fully owned by someone else, like sewer pipes. Or, you may have joint ownership with another person, say if the property shares a driveway. Your surveyor checks that these easements are legal and reports on any that aren't.

Why Are Ident Surveys Important?

From your bank's perspective, an ident survey confirms that the property is an acceptable purchase. If all is OK, they're more likely to give you a mortgage. However, if the survey throws up problems, then you may not get approval.

Banks are interested in resale value. If you default on your mortgage and they repossess the property, they want to resell it to get their money back. If the survey shows that something might affect a future sale, then you're less likely to get mortgage approval.

An ident survey is also useful for you. It gives you more information about the site and confirms that you are getting what you're paying for. A survey also identifies problems that may reduce the property's value or that might need fixing. It helps you plan your renovations more effectively.

For example, after you've had the survey done, you'll know where you should and shouldn't build. You won't want to put an extension over a drainage pipe that may need to be accessed in the future.

To find out more about the benefits of an ident survey and how to arrange one, contact local land surveyors.